Impacts of Monetary Policy Shocks on Inflation and Output in New Zealand

被引：0

作者：

Kirkby, Robert ^{[1
]}

Vu, Huong Ngoc ^{[1
,2
]}

机构：

[1] Victoria Univ Wellington, Sch Econ & Finance, Wellington, New Zealand

[2] Victoria Univ Wellington, Sch Econ & Finance, 3-4 Derby St, Wellington 6011, New Zealand

来源：

ECONOMIC RECORD | 2024年 / 100卷 / 329期

关键词：

IMPULSE RESPONSES; UNITED-STATES; EURO AREA;

D O I：

10.1111/1475-4932.12792

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We identify monetary policy shocks in New Zealand as 1-day changes in the whole yield curve around monetary policy announcements. The impacts of these shocks on inflation and output are estimated using functional local projections. We find that the effects of monetary policy shocks are standard in the short run but might be different in the long run. Monetary policy shocks in a small open economy have similar effects as in a large economy, except that unconventional monetary policy announcements have limited impact on long-term interest rates. Accounting for forward guidance, used in New Zealand since 1997, is important.

引用

页码：160 / 187

页数：28

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